Day Ahead: Top 3 Things to Watch for April 28
Investing.com
Published Apr 27, 2020 05:10PM ET
By Kim Khan
Investing.com - Stocks started the week on a strong note today, shrugging off another dive in oil prices.
Technology earnings will be in the spotlight, with major names reporting after the bell tomorrow.
There will also be data on consumer sentiment and a measure of crude oil inventories at a time when storage has become a major issue.
Here are three things that could move the markets tomorrow.
1. Alphabet, AMD Set to Report
Technology will be front and center for earnings tomorrow, with Google parent Alphabet (NASDAQ:GOOGL) and chipmaker Advanced Micro Devices issuing numbers after the close of trading.
Analysts expect that Alphabet (NASDAQ:GOOG) earned $10.73 per share in the most recent quarter, with sales of about $41 billion, according to forecasts compiled by Investing.com.
BMO Capital Markets upgraded the stock to outperform from market perform at the end of last month, keeping its price target at $1,400.
Mega-cap stocks should fare well when the market rebounds and e-commerce gives the company an advantage, BMO said.
Advanced Micro Devices (NASDAQ:AMD) is expected to post a profit of 18 cents per share on revenue of about $1.8 billion.
2. Consumer Confidence Expected to Sink
More insight on the outlook of consumers arrives tomorrow.
The Conference Board will release its measure of consumer confidence at 10:00 AM ET (14:00 GMT).
The consumer confidence index for April is expected to have dropped to 87.9 from 120 the month before, according to forecasts compiled by Investing.com.
While that would be a sizable drop, the level would still be well above the all-time low in the 30s seen during the Financial Crisis.
3. API Inventories on Tap
Oil prices were back in the red today, sinking more than 20% on concerns about storage capacity for the front-month contract.
Tomorrow will bring more information on how much U.S. inventories are building up.
The American Petroleum Institute will report its measure of crude stockpiles after the market close tomorrow.
Last week the API reported a rise of about 13.2 million barrels in inventories.
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